Maryland searches for real estate consultant
The $45.5 billion Maryland State Retirement and Pension System is searching for a real estate consultant, according to an RFI on the pension fund’s website.
The five-year contract is scheduled to start May 1, with the option of two extensions of one year each, according to the RFI. The pension fund could choose one or more firms to provide all or some of the services, or may determine not to choose any firms, according to the RFI. Interested firms are encouraged to use minority-owned business enterprises. Proposals are due on Feb. 15.
As of Sept. 30, 2016, the pension fund had roughly $663.7 million invested in REITs, and $3.2 billion in private real estate funds, according to the RFI. In addition, Maryland had approximately $700 million committed to private real estate funds but not drawn, according to the RFI.